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pauly

posts: 1

Jan 22, 2008 9:54 PM ET    Quote  Report Abuse
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   Hello all.  I am looking for some advice.
 
Currently, I am just out of college with a Finance degree from a respected university.  I got a good job out of school with a large financial services firm, but I have started to have an early life crisis (if you will) and am itching to start a business.  I have had a couple of ideas, but there is one that I am sold on.  It is perfect for the market, there is no true competition, and I`m passionate about it.  I want to open up a bar.  It`s not just any bar, and serving food and drinks actually wouldn`t be the only core revenue driver, but that`s an entirely different path I won`t go down right now.
 
I have no experience running a bar.  I`m 22 years old and have no money myself to invest in this.  How do I obtain financing and convince people I`m serious even though I have no experience starting a business, running a bar, or even 1 year in the real world?
dsprindle

posts: 76

Jan 22, 2008 11:11 PM ET    Quote  Report Abuse
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There is no better education than the school of experience. And there is a way to finance your tuition. Work for a successful business, in your case a bar, and learn as you earn. Invest the same as you did in your finance degree. The outcome will be more valuable than just theory.

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http://www.christian-business-opportunities.org
CampSteve

posts: 1216

Jan 22, 2008 11:31 PM ET    Quote  Report Abuse
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Become a bartender, plain and simple.

Look for a job at the kind of bar you would like.  It`s something you can do part time to learn about the trade hands-on.  And ask lots of questions!  Talk to other bartenders.  Also, since you are in finance, you actually have a skill that could benefit another bar owner while working under them.  Lend them your expertise and hopefully they will do the same for you.  It`s a win-win!

Since you already have a job which I presume is full-time and you might not be too keen on getting a second job, think of it this way.  If you`re serious about this, you`re going to be spending A LOT of hours learning about bars and business in general.  Believe me, when you`re starting from scratch, there`s a lot to learn, especially if you don`t have experience.  But how much FASTER could you learn while working at a bar?  I would assume a lot.  Plus, you`d get paid for it!

CraigL

posts: 9051

Jan 24, 2008 1:52 AM ET    Quote  Report Abuse
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Yup....get a part-time job working in a bar. If you can be a bartender, that`s the best, as you`ll get to see a whole lot of the overall business. Otherwise, see about any other positions you could fill, maybe door-man or server....whatever. Get the real-world experience, because running a bar is one of the more difficult types of careers out there, what with people getting drunk a lot. :-) 
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